Today, Cargill reported net earnings of $425 million for the third quarter of fiscal year 2015, ended Feb. 28. Although our results are up over last year’s third quarter, I believe this is a weak comparable, as a handful of significant events during that period negatively impacted our performance. Instead of looking back, we need to hold ourselves accountable to our targets for this year. In that context, the third quarter – as well as our year-to-date results of $1.66 billion on a 100-percent basis against a full-year target of $2.5 billion – lagged our expectations.
How will we accelerate performance? When I look at the businesses in Cargill that are surpassing their targets, they also are the ones leading the way in innovating new products and services. Trade & Structured Finance is a case in point: The business has been very effective at uncovering new opportunities and developing new products for its customers in uncertain global markets. Likewise, our animal nutrition and protein businesses are putting innovation at the forefront as incomes rise and diets shift worldwide. With the speed of change in the world continuing to increase, our customers are looking to us for the groundbreaking ideas that will help them win in the marketplace. I know that we can be the partner they need, and that ultimately our ability to differentiate ourselves in this way will lead to us being chosen more often.
As we look ahead, an important word on safety: I’ve seen an increased and intense focus on safety everywhere I’ve traveled, and I believe it is making a difference. But we can’t get complacent. Please continue to be vigilant in looking for ways to improve how we keep one another safe every day.